| Review of: | Australia Unsettled: The Legacy of 'Neo-liberalism' by Dennis Woodward |
|---|---|
| Reviewed By: | Hans Lofgren |
| Reviewed in: | Australian Journal of Public Administration |
| Date accepted online: | 25/09/2006 |
| Published in print: | Volume 65, Issue 2, Pages 110-124 |
Book Reviews
The economic policy events of the past twenty-five years have been dramatic. Australia and other countries have indeed been 'unsettled' by the juggernaut of neo-liberal ideas and the business and political forces associated with these ideas. Yet many of us no longer have sharp memories of the particular chapters of this transformation such as the circumstances of the de-regulation of banking under the Hawke government or the early stages of the privatisation process. Woodward's book serves a valuable purpose as an accessible outline of, and insightful commentary upon, the major steps in the makeover of the Australian economy under the aegis of neo-liberalism since the early 1980s.
In the first part of the book Woodward explores the debate about the concept of the 'Australian settlement' and the broad features of Australia's political economy. This is followed by chapters on financial deregulation, industrial relations, taxation, industry policy, and other economic policy areas. As could be expected, the standard story of globalisation provides the context for these accounts of economic policy formation. The perspective is vaguely Keynesian and social democratic of the type that is commonplace among Australian political scientists. Woodward's preference is for a less brutal, more cooperative, model of capitalism. In the introduction he foreshadows an examination of whether there are alternatives to neo-liberalism but does not fully deliver on this promise. No attention is paid to the international literature on the nature of contemporary capitalism - for example the contributions of regulation school theorists such as Robert Boyer or Bob Jessop - which could have provided the book with a sturdier theoretical underpinning. In fact, the text in large part reformulates accounts provided in standard sources and newspaper articles. But this is not a research-based economic policy analysis, grounded in robust theory - such as Stephen Bell's writings on similar themes - but a text-book of sorts which can be used quite conveniently, in whole or in parts, in the teaching of Australian politics, public policy and government-business relations. Woodward provides commendably clear explanations of the terminology of economic policy which further enhances the accessibility of the book. The text itself is well proof-read but the publisher's graphic design, including the presentation of the bibliography, suggests a highly economical approach which the reader will, at times, find frustrating. It's unusual to find a large photo of the author on the title page but this undoubtedly adds a personal touch to the analysis of a topic that some students will struggle to find inspirational. All in all, this book can be recommended as a well-crafted and highly accessible summation of the economic policy dimension of the neo-liberalisation of Australia.